Information about New Income Tax Slab 2017-18
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- Earlier, the tax slabs had caps at annual income of Rs 2.5 lakh, Rs 5 lakh and Rs 10 lakh attracting income tax of 10 per cent, 20 per cent and 30 per cent respectively.
- Those with annual income between Rs 50 lakh to Rs 1 crore will be levied a surcharge of 10 per cent.
- The 15 per cent surcharge on incomes above Rs 1 crore will continue to be charged.
Income Rs 5 lakhs
AY 2017-18 : Net tax payable (Including education cess) is Rs 5,150
But for Ay 2018-19: Net tax payable (Including education cess) is Rs 2,575
If the limit of Rs 1.5 lakh under Section 80C for investment is used fully, the tax would be zero for people with income of Rs 4.5 lakhs.
While the taxation liability of people with income upto R5 lakhs is reduced to half, all the other categories of tax payers in the subsequent slabs will also get a uniform benefit of Rs 12,500/- per person. The total amount of tax foregone on account of this measure is Rs 15,500 crores.
Other moves in personal tax space were:
Surcharge of 10 percent of tax payable on categories of individuals whose annual taxable income is between Rs 50 lakhs and Rs 1 crore
Simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income up to Rs 5 lakhs other than business income
All citizens to contribute to nation building by making a small payment of 5 percent tax if their income falls in the lowest slab of Rs 2.5 lakhs to Rs 5 lakhs.
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